The market’s focus this week will be on corporate earnings results and economic news. Later today, the Feb NAHB housing market index is expected to climb by +1 to 38. On Wednesday, Dec capital goods new orders nondefense ex-aircraft and parts (a proxy for capital spending) are expected to increase by +0.4% m/m. Also, Dec housing starts and building permits will be released. In addition, Jan manufacturing production is expected to climb by +0.4% m/m. Finally, the minutes of the Jan 27-28 FOMC meeting will be ...

Q4 2025 Earnings February 17, 2026 Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 4th quarter 2025 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), SunocoCorp LLC (SUNC), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain stateme ...

Financial Performance - Net income attributable to Sunoco LP for Q4 2025 was $97 million, down from $141 million in Q4 2024[3] - Full-year net income attributable to Sunoco LP for 2025 was $527 million, down from $866 million in 2024[9] - Revenues for Q4 2025 reached $8.6 billion, a 63.5% increase from $5.3 billion in Q4 2024[26] - Total revenues for Q4 2025 were $8,600 million, with total costs and expenses amounting to $8,416 million, resulting in an operating income of $184 million[51] - Operating income for the year ended December 31, 2025 was $935 million, compared to $791 million for the year ended December 31, 2024[26] Adjusted EBITDA - Adjusted EBITDA for Q4 2025 was $646 million, compared to $439 million in Q4 2024, including one-time transaction-related expenses of $60 million and $7 million respectively[3] - Full-year Adjusted EBITDA for 2025 was $2.05 billion, compared to $1.46 billion in 2024, including one-time transaction-related expenses of $77 million and $106 million respectively[9] - Adjusted EBITDA for Q4 2025 was $646 million, a 47.2% increase from $439 million in Q4 2024[28] - Adjusted EBITDA for Q4 2025 was reported at $646 million, with $706 million when excluding transaction-related expenses[53] Distributable Cash Flow - Distributable Cash Flow, as adjusted, for Q4 2025 was $442 million, up from $261 million in Q4 2024[4] - Cash distribution per common unit increased to $0.9317 in Q4 2025 from $0.8865 in Q4 2024[28] - Total distributions to partners for Q4 2025 were $236 million, compared to $158 million in Q4 2024, reflecting a 49.4% increase[28] - Distributable Cash Flow attributable to common unitholders was $48 million for Q4 2025[53] - Distributable Cash Flow is a widely accepted financial indicator used by investors to compare partnership performance[56] - Distributable Cash Flow provides an enhanced perspective of the operating performance of the company's assets and the cash generated by the business[56] Capital Expenditures - Total capital expenditures for Q4 2025 were $233 million, including $130 million of growth capital and $103 million of maintenance capital[15] Debt and Leverage - At the end of Q4 2025, Sunoco LP had long-term debt of approximately $13.4 billion and a leverage ratio of net debt to Adjusted EBITDA of approximately 4.0 times[14] Segment Performance - Fuel Distribution segment's Adjusted EBITDA for Q4 2025 was $332 million, compared to $192 million in Q4 2024, with a fuel margin of 17.7 cents per gallon[5] - Fuel profit rose to $419 million in Q4 2025, up from $239 million in Q4 2024, marking a 75% increase[36] - Segment Adjusted EBITDA for Fuel Distribution increased to $391 million in Q4 2025, compared to $192 million in Q4 2024, reflecting a growth of 103%[36] - Terminals segment profit increased to $130 million in Q4 2025, up from $120 million in Q4 2024, a rise of 8.3%[40] - Crude utilization in the Refinery segment was reported at 90% for Q4 2025, with a segment profit of $40 million[42] Acquisitions - Sunoco LP completed the acquisition of Parkland Corporation on October 31, 2025, and TanQuid in January 2026[10] Other Financial Metrics - The company incurred $60 million in transaction-related expenses in Q4 2025, compared to $7 million in Q4 2024[34] - The financial metrics do not reflect total cash expenditures or future capital expenditure requirements[56] - Changes in working capital are not reflected in the financial metrics presented[56] - Interest expense and cash requirements for servicing interest or principal payments are not included in the financial metrics[56] - Adjusted EBITDA does not account for cash requirements necessary for replacing depreciated, amortized, or accreted assets[56] - The presentation of Adjusted EBITDA and Distributable Cash Flow may not be comparable to similar measures of other companies due to differing calculation methods[56]

Core Insights - Rising production and export volumes are driving moderate long-term adjusted EBITDA growth for Canadian midstream corporations, with significant operations in the U.S. [1] - The Canadian government is prioritizing energy infrastructure approvals to support increased production and exports, particularly to Asian markets [1] - The Trans Mountain expansion and LNG Canada are pivotal projects enhancing Canada's energy export capacity [1] Canadian Crude and NGL Exports - The Trans Mountain pipeline's capacity increased from 300 MBpd to 890 MBpd, facilitating a rise in Canadian crude exports to non-U.S. markets from 112 MBpd in February 2024 to 549 MBpd by November 2025 [1] - The Trans Mountain expansion is expected to optimize flow rates by up to 10% (~90 MBpd) through a $9 million project, with additional capacity assessments underway [1] - Canada aims to increase overall exports to China by 50% by 2030, with the U.S. still being the dominant energy trading partner, importing ~4.1 MMBpd of Canadian crude in 2024 [1] Infrastructure Developments - The Building Canada Act established the Major Projects Office to expedite critical infrastructure projects, including the proposed West Coast Oil Pipeline with a capacity of at least 1 MMBpd [1] - The Ridley Island Energy Export Facility is under construction to meet rising Asian demand for NGLs, designed to export 55 MBpd of propane and butane [1] LNG Export Growth - Canada officially became a global LNG exporter with LNG Canada loading its first cargo on June 30, 2025, and has since shipped over 25 cargoes [1] - Future LNG projects, including Ksi Lisims LNG and LNG Canada Phase 2, are designated as "projects of national interest" to meet growing Asian demand [1] Midstream Sector Outlook - Canadian midstream companies are defensive investments with strong dividend track records, representing 26.7% of the Alerian Midstream Energy Select Index as of February 5 [2] - Companies like Pembina and Enbridge are investing in LNG export projects, while two-thirds of Enbridge's C$30 billion investment program is allocated to the U.S. [2] - The outlook for Canadian energy production and exports remains positive, supported by government initiatives and infrastructure developments [2]

Market Overview - The Australian sharemarket closed flat on February 10, 2026, with the S&P/ASX 200 ending 2.7 points lower at 8,867.40 after a 1.9% rally the previous day [1][9] - The index is currently 2.72% below its 52-week high and has shown virtually no change over the last five days [2][9] Sector Performance - Financials sector declined by 1.1%, primarily due to significant losses in insurance companies [2][9] - 8 out of 11 sectors ended higher, with Information Technology being the best-performing sector, gaining 2.14% [5][9] - Miners advanced by 1% on the back of higher iron ore prices, with BHP Group rising 1.1% and Rio Tinto gaining 1.4% [5][9] Top Gainers - Silex Systems Limited (SLX) led the day's gains, closing at $7.240, up $0.560 or 8.383% [3][9] - Other notable gainers included DroneShield Limited (DRO) up 7.301%, Deep Yellow Limited (DYL) up 7.142%, Zip Co Limited (ZIP) up 6.072%, and Superloop Limited (SLC) up 5.579% [3][9] Bottom Performers - Steadfast Group Limited (SDF) and Insurance Australia Group Limited (IAG) were the bottom performers, down 9.46% and 6.19% respectively [2][9] - AUB Group Limited (AUB) fell by 6.115%, while CSL Limited (CSL) and Suncorp Group Limited (SUN) also experienced declines of 4.979% and 4.237% respectively [2][9] Individual Stock Highlights - Treasury Wine Estates shares rose by 8.1% after resolving a dispute with U.S. distributor Republic National Distributing Company [7][9] - Gold stocks increased by 1.3%, with Genesis Minerals up 2.8% and St Barbara rising 4.4% [6][9] - Energy stocks advanced by 0.6%, with uranium miners Deep Yellow and Paladin Energy up 7.1% and 5.5% respectively [7][9]

Core Viewpoint - Sunoco LP (NYSE:SUN) is recognized as one of the best pipeline and MLP stocks to buy in 2026, with a maintained Buy rating and a price target of $64 from RBC Capital [1][2][8]. Financial Performance - Sunoco LP announced its fifth consecutive quarterly distribution increase, raising the quarterly distribution by 1.15 cents per common unit, resulting in a cash distribution of 93.17 cents per common unit for the quarter ended December 2025, which is a 1.25% increase from the previous quarter [3]. - The company provided its full-year 2026 adjusted EBITDA guidance, estimating it to be in the range of $3.1 billion to $3.3 billion, with anticipated synergies of approximately $125 million from the acquisition of Parkland Corporation being a key assumption for this guidance [4]. Company Overview - Founded in 1886, Sunoco LP is one of North America's largest independent distributors of motor fuels, operating a vast network of pipelines and refined-product terminals, and providing wholesale fuel distribution and energy infrastructure services globally [5].

Core Insights - Stardust Solar Energy Inc. has announced an expanded sustainability strategy in Africa, focusing on integrating environmental responsibility into its renewable energy investments [1][2]. Sustainability Initiatives - Since 2018, the company has planted 51,463 trees globally and in 2026, it broadened its sustainability efforts to include ecological restoration, carbon sequestration, and community development [2]. - The company's 30MW utility-scale solar project in Zambia emphasizes sustainable land use, biodiversity protection, and long-term community impact [2][4]. Strategic Importance of Zambia - Zambia is viewed as a key opportunity for renewable energy development, offering a stable regulatory environment and optimal conditions for utility-scale solar projects [3]. - The company collaborates with government and community partners to deliver clean energy solutions that align with local priorities and protect ecosystems [3]. Community and Environmental Focus - Stardust Solar supports large-scale, community-led restoration initiatives across Africa, including the Musokotwane-Nyawa Project in Zambia, which covers an estimated 185,000 hectares [3]. - Additional projects in Tanzania and Kenya focus on long-term conservation and community-led land management [3]. Commitment to Sustainable Growth - The company emphasizes building durable value across environmental, social, and economic dimensions, aiming for a circular economy that benefits communities and enhances clean energy projects [4]. - These initiatives are designed to reinforce the company's approach to scaling renewable energy responsibly while ensuring long-term asset performance and shareholder value [4].

Based in Dallas, Texas, Energy Transfer (NYSE: ET) has a very attractive 7.3% distribution yield. That is likely to attract dividend investors looking to maximize the income their portfolios generate. However, before you buy, you'll want to know a few facts about the business backing that yield. Energy Transfer is a little complex Energy Transfer is one of the largest midstream operators in North America. It basically owns energy infrastructure, such as pipelines, that help move oil and natural gas arou ...

Core Thesis - Polestar Automotive Holding UK PLC is viewed positively despite market pessimism, with a significant disconnect between its fundamentals and market perception in the electric vehicle (EV) sector [2][3] Company Overview - Polestar specializes in the research, development, marketing, commercialization, and sale of battery electric vehicles and related technology solutions [2] - The company has delivered over 44,000 vehicles in the first nine months of 2025, generating over $2.17 billion in revenue [2] Financial Position - As of Q3 2025, Polestar had approximately $995 million in cash, with quarterly cash burn rates between $250 million and $300 million, providing operational runway into mid-to-late 2026 [4] - The current market valuation does not reflect the company's revenue base, treating it as if operations are at risk of cessation [4] Strategic Support - Polestar's operations are backed by Geely Holding, which has shown commitment through a $200 million capital injection in June 2025, indicating the brand's strategic importance within the group [3] - The potential for a take-private transaction is considered realistic, allowing Geely to streamline operations away from public scrutiny [3] Market Challenges - The company faces challenges including cash burn, tariff pressures, and compliance issues, which contribute to market pessimism [3][5] - Efforts are underway to mitigate risks associated with U.S. and EU tariffs due to China-based manufacturing, although margin relief will take time [5]

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing to maximize profitability, highlighting the utility of a specific screening strategy to find stocks with strong fundamentals and positive momentum. Group 1: Stock Screening Strategy - The "Recent Price Strength" screen is designed to identify stocks with sufficient fundamental strength to maintain an upward price trend, focusing on those trading in the upper portion of their 52-week high-low range, indicating bullishness [3]. - Sunoco LP (SUN) is highlighted as a candidate that passed the screening criteria, showing a price increase of 13.1% over the past 12 weeks, reflecting investor confidence [4]. - SUN has also experienced a price increase of 12.7% over the last four weeks, indicating that the upward trend is still intact [5]. Group 2: Fundamental Analysis - SUN currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), suggesting high optimism from the brokerage community regarding its near-term price performance [7]. - The price trend for SUN is expected to remain positive, supported by its strong fundamentals and market position [8].